In 1983, Michael Miola founded American Data Services, Inc. (ADS). His goal was to design a mutual fund accounting system that would operate on personal computers. This opened the industry to investment advisors that had marvelous track records but simply couldn't afford the massive mainframe systems that were required at the time to process the huge daily transaction volumes. No longer did the largest brokerage and money management firms have a lock on the industry. Michael designed the prototypes of all the proprietary software used by ADS to perform fund accounting and stock transfer services, as well as the operating and marketing models for the administration and distribution service lines that would come later.

Michael's approach to finding the best money managers and distributing mutual funds was also unique. Knowing he could never compete in the same space as the mammoth organizations such as Fidelity or Dreyfus, who could leverage tremendous resources to hire portfolio managers and advertise for assets, Michael searched the country to find the best independent money managers, who were often managing money for select groups of wealthy individuals. Michael formed mutual funds around these managers, and ADS would then service, market, and distribute each fund in its local geographic area.

By 1998, ADS was among the top twenty mutual fund service organizations in the United States, servicing over 150 mutual funds with assets in excess of $6 billion. In August 1998, Michael was featured in the annual mutual fund edition of Forbes Magazine as the mutual fund organizer to watch.

Orbitex Experience

In August of 1999, Michael sold ADS to Orbitex, an international company with ambitions to create a strong presence in the US. Under the terms of the agreement, Michael continued to manage the operations of his company. Almost 2 years into the experience, Michael realized that his company was headed in the wrong direction and knew he could make ADS successful once again. At that time, Michael decided to join forces with W. Patrick Clarke, who had also sold his company to Orbitex, to buy back their original companies.

Regaining Control

As a result, NorthStar Financial Services Group, LLC was formed in late 2002. Beginning in January of 2003, Patrick's company, CLS Investment Firm, LLC, and ADS were back under the control of their founders. Several important decisions were made at this point. ADS was re-branded as Gemini Fund Services, LLC. Orbitex had retained ownership of CLS Brokerage Services, which Patrick had owned, so Michael and Patrick founded Northern Lights Distributors, LLC to maintain securities licenses and distribute Gemini's mutual funds. The back-office software solution Patrick had developed earlier for CLS was established as another company, Orion Advisor Services, LLC, in order to provide its services to outside firms.

After overcoming the pitfalls that occurred when Orbitex was involved, Gemini has done nothing but grow and gain new clients. Today, Gemini Fund Services has nearly $10 billion in assets under administration...and is still growing.